Kips Bay Medical Raises $16.5M In IPO
MINNEAPOLIS (AP) -- Kips Bay Medical Inc. said Friday it raised $16.5 million in an initial public offering of 2.1 million shares before expenses.
The Minneapolis company priced the offering at $8 per share, the low end of its expected range.
Underwriters have a 45-day option to purchase an additional 309,375 shares to cover excess demand. It
Shares are expected to start trading Friday under the ticker symbol "KIPS" on the NASDAQ Global Market.
Kips Bay is a development-stage medical device company that makes a mesh sleeve designed to support vein grafts in coronary artery bypass grafting surgery. It started selling the product in some European Union markets last June, and it expects to start U.S. clinical trials in the first half of this year.
The company will use offering proceeds to fund the process of seeking U.S. regulatory approval and for development and testing for additional applications of the product, labeled eSVS MESH. It also plans to fund milestone payments tied to acquired intellectual property.
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